SBI loan for cars, homes

Tuesday , October 14 , 2008

Ranchi, Oct. 13: At a time when the financial markets are facing a liquidity crunch and banks are throwing up their hands, State Bank of India (SBI) today started a two-day Loan Mela in the city.

The Mela is offering attractive packages for home loans and car loans.

The Mela drew large crowd on the first day as the bank was offering a 50 per cent rebate on processing charges and 5 per cent off on the loan margin amount on car loans as well as home loans during these two days. Nine car dealers of the state capital participated in the event.

Within a few hours of the Mela being declared open, 55 cars were booked for which a total credit of Rs 1.57crore was sanctioned.

In the home loans category Rs 3.76 crore were sanctioned. The number of customers applying for home loans was less than the expectations of the bankers.However, the car dealers got hearty response here and a beeline for different new models were seen at the counters.

“Diwali and dhanteras are just round the corner. I think this is the main reason behind more people going for the cars. Small cars of Maruti, Hyundai and others are selling like hot cakes, but the big cars are not doing so well, because the middle class who are our main customer base cannot afford them,” said GN Lal, Sales Planning Manager of SBI.

Source: telegraphindia.com/